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as well. welcome. >> mr. david cotton, commissioner of banks for the commonwealth of massachusetts. he has served in that position since november 2010 seeing supervision of 2,000 banks and credit unions with assets in excess of $325 billion. mr. cotney is an active contributor to consumer protection efforts both in massachusetts and nationally. in 2013 he was elected as vice chairman of the board of directors of the conference of state bank supervisors on whose behalf he testifies here today. welcome mr. cotney. miss shasky, cavelry. >> i'm director of treasury p crime enforcement or fincen. i'm here to discuss the work doing at fincen for illicit actors to exploit u.s. financial system as technological advances such as u.s. currency create new ways to move money. recognizing the potential for abuse ofer merging new payment methods and understanding that the antimony laundering protections must keep pace with these advancements fincen began working with our partners several years ago to study the issue. here is what we learned. illicit actors might decide to use virtual currency for many o
massachusetts, mr. lynch, is recognized. >> thank you, mr. chairman. i want to thank the members of the panel for coming forward and their willingness to help the committee with its work. i do want to say this at the outset, that my experience in massachusetts with the massachusetts health care, the so-called romney care, that was a precursor to this in many ways, i'm speaking of the affordable care act, also rolled out very, very, very slowly. that's my experience, being on the ground in massachusetts, when that plan went forward. so it was very slow in ramping up. of course, it didn't have the -- you know, the urgency of this program. it was sort of planned that way. and i also remember the medicare part "d" act which was a republican initiative also rolled out extremely slowly. and i know a lot of my seniors, i had to do 16 town halls around my district to try to tamp down the backlash because of the slowness of how that was ramped up. so this is not -- this experience is not out of line with those other two programs. and so i just wanted to make that note. i have had a chance to go out an
-- i don't know of a site, massachusetts when they started their site, had 123 people that signed up in the first month. it's now been an enormous success, if you had to vote today on massachusetts, i dare say 90% of the people would say, let's keep it, well, that over time had the same, not the same degree of glitches, but the same kind we're experiencing at the national site. >> different scale? >> exactly. there are going to be things that have to be addressed. some of it was avoidable and it's unfortunate we didn't catch this earlier and didn't address it earlier. that doesn't deny what our country recognizes as such an imperative. all of those who oppose, and criticize and all of those who really find fault are really not providing the kind of opportunities for alternatives. i mean, what is it we do if we don't do this what solutions are there that might provide a better solution than what we're looking at today. none of the critics i've seen have really been forthcoming in that regard. that's something i think american people ought to be asking. >> the exchanges where the state
. >> gentleman's time is expired. we recognize the gentleman from massachusetts. >> thank you very much. mr. chao, do you feel you had adequate opportunity to answer the question. >> i think i got my last word in. >> early this morning, beginning of the hearing, chairman issa asked you about the anonymous shopper function. do you recall that? >> yes. >> you said you would decide the direct cgi to disable it because of defects and chairman issa challenged you and accused of ordering the white house for political reasons do you recall that? >> will the gentleman yield? >> no. during that phrase, i think chairman issa handed you a document and i think it's probably still with you there -- >> yes. >> and the chairman said it showed there was no defects in the system and the function anonymous shopper, cgi tested it successfully. then he has blown up a box over a number of the other statements made on the right-hand side. it says 9/22, speech will be turned off day one, october 1. now, i've given you a sheet there that is clean from those boxes and just is the original document without the chairman's
was governor romney from massachusetts, governor palenti from minnesota and -- they were serious candidates. when he didn't catch fire in iowa, pawlenty dropped out. the other eight didn't drop out because they were selling books. this time around, look who is around the table. chris christie for sure. significant reforms in that state, $130 billion in reduced unfunded liabilities sta
massachusetts, governor palenti from minnesota and -- they were serious candidates. when he didn't catch fire in iowa, pawlenty dropped out. the other eight didn't drop out because they were selling books. this time around, look who is around the table. chris christie for sure. significant reforms in that state, $130 billion in reduced unfunded liabilities state pension system, ended the millionaires tax, no tax increase, period -- >> so he fits the governor norquist filter. he gets through? >> yeah. i think somebody you're looking at is somebody who can finance a campaign all the way through, look you in the eye and say confidence, seriousness -- >> rand paul? >> let me do the governors first and then we'll do the three senators, because i think the advantage is with governors. they can raise money more easily. the senator says, look what i did, but yeah, 50 other people voted the same way. >> christie is serious? >> christie, certainly. governor scott walker of wisconsin who has changed it from a blue state to a red state, changing labor laws and all sorts of things. >> who are you more for
, kentucky, maryland, massachusetts, minnesota, nevada, new mexico, new york, oregon, rhode island, utah, vermont, and washington state. in all parts of our country, some with republican governors, some with democratic governors, but all with people who need leadership to help them find health care that they can afford. and it makes up nearly 40% of all the nation's small employers are in these states. that's who we're focused on today. we all know that the rollout of the individual insurance website has been disappointing, to say the least, but today's hearing is focused on implementing the rollout of the s.h.o.p. exchanges, which is the focus of our committee, where we had a lot of input into how this bill was designed, to emphasize the need for a better rollout, not just for individuals, but for small businesses. today, as i said, we are joined by states that accepted this challenge and responsibility to create state-based exchanges and did it well, as well as those who are having difficulty. for those states that have made the decision to operate their own s.h.o.p. marketplaces, we'r
from bin laden. so within 48 hours, the threat to massachusetts, boston, and the convention was completely eliminated. the thousands or millions of man hours that would have been wasted had it not been them giving us that investigation, they maybe still be standing on the bridges. maybe they would have prevented the marathon bombings by being there looking for the terrorists, but that was a tremendous savings. in my view, putting other analysts in beijing paid for itself in savings to u.s. taxpayers because of being able to resolve an issue of terrorism when there was no intent or knowledge that that office would be a key player in the war on terror. >> next question. yes, sir, here. >> john duncan, florida a&m university college of law. we talk about the chinese and japanese russian mafia here in the u.s. how about our u.s. gangs possibly overseas, and i'm thinking not only cooperation with other gangs, but also the national security impacts back on us. and because i say, you know, a lot of the new millionaires will be in china and russia and that's where the money is going
, but massachusetts, they did and it worked and god bless them. we were all looking for ways to expand and cover more people. then all of a sudden this comes down, they jump to 133. and i've said this. i said i don't -- i'm not worried about the computer glitch, the rollout, they'll fix that, that's mechanical. they've got a product, they've got a product problem. and the product problem is this. if we want to give the best care we can, right, medicaid and all that. but if i'm at 135% and you're at 132% and might be $400 between the cutoff, you might have more access than i have to something i'm being forced to buy and being penalized if i don't buy. that's a product problem. and we'll fix it. how do we give a young person the incentive to say i want to buy that insurance because when i'm 40, i'll have a good healthy track record and get discounts. if i don't get in, i can. >> i mean, the thing that strikes me about both of you guys, you're talking substantively about trying to fix things or enact things. and a huge part of the narrative is break it, repeal it, we're done with it. and i would ask you
Search Results 0 to 8 of about 9

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